Alarm systems and equipment are the devices that give an audible, visual or other form of alarm signal about a problem or condition and can perform functions such as access control, lighting and heating control in homes or buildings.
Sizing and Forecast
The alarm systems and equipment market size has grown steadily in recent years. It will grow from $5.58 billion in 2023 to $5.79 billion in 2024 at a compound annual growth rate (CAGR) of 3.8%. The growth in the historic period can be attributed to security concerns and crime rates, regulatory standards and compliance, urbanization and population growth, insurance industry influence, industry competition and market expansion.
The alarm systems and equipment market size is expected to see steady growth in the next few years. It will grow to $6.97 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to market competition and innovation, emergence of diy solutions, environmental sustainability, data privacy and cybersecurity, urban development and expansion. Major trends in the forecast period include enhanced emergency response, predictive analytics, voice control integration, wireless technology advancements, energy efficiency focus, mobile app integration.
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Segmentation & Regional Insights
The alarm systems and equipment market covered in this report is segmented –
1) By Communication Technology: Wired Telecommunication Network, Cellular Wireless Network, Wireless Radio Network, IP Network
2) By Offering: System Hardware, Solutions
3) By End-User: Residential , Commercial, Industrial
The Asia-Pacific was the largest region in the alarm systems and equipment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global alarm systems and equipment market report during the forecast period. The regions covered in the alarm systems and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The alarm system and equipment market is driven by increasing investments driven by safety and security concerns among households. Consumers are more focused on security than before, mostly in residential areas with an increase in crime rates. Smart home devices such as smart alarms and related equipment are being preferred by households to be more safe and secure. As reported by home burglary statistics, homes without security systems are 300% more likely to be vulnerable to burglary. According to the Insurance Information Institute In 2022, 1,001,967 vehicles were stolen in the US, which is a 7% increase from 2021 which emphasizes the future potential for the alarm system, and equipment.
Key Industry Players
Major companies operating in the alarm systems and equipment market report are Monitronics International Inc., Robert Bosch GmbH, Siemens AG, United Technologies Corporation, Chubb Fire & Security Ltd., Burg-Wächter KG, Schneider Electric SE, Honeywell International Inc., Johnson Controls International plc, Carrier Global Corporation, UTC Fire & Security Americas Corporation Inc., Stanley Black & Decker Inc., Securitas AB, Hikvision Digital Technology Co., Assa Abloy AB, ADT Inc., Allegion plc, Godrej & Boyce Manufacturing Company Limited, Vivint Smart Home Inc., Axis Communications AB, Alarm.com Holding Inc., Dahua Technology Co. Ltd., Vector Security Inc., Vanderbilt Holding Company Inc., Nortek Security & Control LLC, Brivo Inc., Bosch Security Systems Inc., RISCO Group NV, Qolsys Inc., Hanwha Techwin Co. Ltd., FLIR Systems Ltd., Gunnebo AB, Tyco International Ltd.
The alarm systems and equipment market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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